Step 9 to Buying a Home: Your 1st Earnest Money Check
Now that your offer has been accepted by the seller and we have an executed contract, it’s time to drop off your 1st earnest money check. Earnest money checks usually need to be dropped off within 3 business days of contract execution. So, what is earnest money? Click here to read a great article explaining earnest money.
We will email you exactly how much your earnest money check should be made out for, who it should be made out to and where it should be dropped off. In the “For “line of your check, put “1st EM check for (insert property address).” Put the check in an envelope, but don’t seal it. On the outside of the envelope write “1st EM check for (insert property address) ” and your name. Generally the check is dropped off at the office of the seller’s Realtor. Try to go during normal business hours to drop it off as you’ll need to get a receipt. When you get there, ask the receptionist to give you an earnest money receipt which you then need to email us. Once you’ve been given a receipt, go ahead and seal the envelope with the check in it and give it to the receptionist. In addition, please text us after you’ve dropped off the check so we can let the seller’s Realtor know it’s been dropped off.
If you go after normal business hours or if the office is very small, there may not be a receptionist. Instead the door may be locked. If this is the case, look near the front door for a drop box where earnest money checks can be safely left.
As a reminder, your earnest money check amount will be deducted from your final down payment and needs to be dropped off within 3 business days after contract execution.
If you have questions, call or text us at 630-410-9601.